Technical Analysis! Bitcoin! The New Stablecoin?!

The new Stablecoin!

I guess we have a new stablecoin in the cryptomarket... Bitcoin!

It's been so long since we last saw Bitcoin full of life, full of volatility. This is so weird! It almost looks like a stablecoin... no $1000 pumps and dumps, no traders calling for $1600 followed by a call to $100.000! What is happening with Bitcoin?!

Bitcoin just doesn't want to decide if it's going up or down. Right now it's under a massive resistance trendline that if broken through it can signal a massive pump that can push the price to a new All-time-high, but it seems to be out of fuel to push through!

On the weekly chart the price is above the 100MA($7300) and the 200MA($6200), which are both great supports! These MAs plus the bear market support trendline are slowly coming up and getting near the current price, these are normally the MAs that investors and traders use to invest or trade long-term. What this means is that, the closer they get to the current price, the more likely it is for the price to go up because of the demand and FOMO that these supports cause. Only a close under the weekly 200MA would be drastic.

The weekly MACD is still bullish, but it's starting to lose strength due to this whole price stability that is happening.

I don't like to chart the RSI unless I'm going for short-term scalps and I need to see the hidden or not RSI divergences, but if I was to chart the daily RSI, it seems that it broke through a trendline and it's consolidation above it.

The price is also above the daily 100MA and the 200MA, but in this timeframe, I tend to not use these MAs very much, they aren't really that strong when it comes to supporting the daily price...

All-in-all, Bitcoin is probably on the verge of doing something really big, and in my opinion, it's going to be a push through the bear market trendline and a continuous pump of some weeks. I'm waiting for confirmation before going long. A close above the trendline followed by some sideways consolidation would be a nice setup for a long.

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Question of the day: Are you long or short on BTC?

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